APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/concord-biotech-ltd" target="_blank" data-smartkarma-citation="entities:36267:1" rel="noopener">Concord Biotech Ltd (658823Z IN)</a> is looking to raise around US$250m in its upcoming India IPO.</li>
<li>Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).</li>
<li>As per F&amp;S, it was one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share, based on FY21 volume.</li>
</ul>



Concord Biotech Ltd (658823Z IN) is looking to raise around US$250m in its upcoming India IPO.
Concord Biotech (Concord) is an India-based biopharma firm, which develops and manufactures fermentation-based active pharmaceutical ingredients (APIs).
As per F&amp;S, it was one of the leading global developers and manufacturers of select fermentation-based APIs across immunosuppressants and oncology in terms of market share, based on FY21 volume.


Concord Biotech Pre-IPO - Sales Have Been Growing but Watch Out for Its High Concentration Risk

Avalon Technologies / Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/avalon-technologies-pvt-ltd" target="_blank" data-smartkarma-citation="entities:36234:1" rel="noopener">Avalon Technologies (6594468Z IN)</a> is looking to raise about US$130m in its upcoming India IPO. The IPO is expected to consist of both a fresh issue and a secondary portion. </li>
<li>Avalon Tech (Avalon) is a vertically integrated electronic manufacturing services (EMS) firm delivering box build solutions in India.</li>
<li>As per F&amp;S, the firm is one of the leading domestic EMS companies with end-to-end capabilities offering a full stack product and solution suite.</li>
</ul>



Avalon Technologies (6594468Z IN) is looking to raise about US$130m in its upcoming India IPO. The IPO is expected to consist of both a fresh issue and a secondary portion. 
Avalon Tech (Avalon) is a vertically integrated electronic manufacturing services (EMS) firm delivering box build solutions in India.
As per F&amp;S, the firm is one of the leading domestic EMS companies with end-to-end capabilities offering a full stack product and solution suite.


Avalon Technologies Pre-IPO - Sales Concentrated on a Handful. Market Tailwind Could Be Overstated

Ethan Aw

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<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Honasa Consumer (1652951D IN)</a> is looking to raise about US$350m in its upcoming India IPO. The deal will be run by Kotak, Citibank, JM Financial and JP Morgan.</li>
<li>Honasa Consumer is the largest digital-first beauty and personal care (BPC) company in India in terms of revenue for FY22 (Year ended 31st Mar 2022) according to RedSeer. </li>
<li>Honasa Consumer’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments. </li>
</ul>



Honasa Consumer (1652951D IN) is looking to raise about US$350m in its upcoming India IPO. The deal will be run by Kotak, Citibank, JM Financial and JP Morgan.
Honasa Consumer is the largest digital-first beauty and personal care (BPC) company in India in terms of revenue for FY22 (Year ended 31st Mar 2022) according to RedSeer. 
Honasa Consumer’s product portfolio includes products in the baby care, face care, body care, hair care, color cosmetics and fragrances segments. 


Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

Private Capital Markets

Honasa Consumer / Private Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/honasa-consumer-private-limited-mamaearth" target="_blank" data-smartkarma-citation="entities:36117:1" rel="noopener">Mamaearth (1652951D IN)</a>'s in one of foremost D2C personal care brands. Initially started with baby products, the brand now offers a full range of toxin free, natural products.  </li>
<li>Channel feedback suggests good products and premium pricing, but chasing traditional retail is not easy and will test Mamaearth's execution capabilities. </li>
<li>COVID has boosted financials. Revenues have skyrocketed and the company has become profitable. The way forward for traditional retailing and its execution will be the key.  </li>
</ul>



Mamaearth (1652951D IN)'s in one of foremost D2C personal care brands. Initially started with baby products, the brand now offers a full range of toxin free, natural products.  
Channel feedback suggests good products and premium pricing, but chasing traditional retail is not easy and will test Mamaearth's execution capabilities. 
COVID has boosted financials. Revenues have skyrocketed and the company has become profitable. The way forward for traditional retailing and its execution will be the key.  


Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

<ul><li>We expect the company's 2H2OE earnings to remain weak, with the cyclical coal prices and gas price as the primary risks, creating possible downside to our earnings estimate.</li><li>Despite its deep valuation, currently trading at 0.5x 2020E PBV (-1.5 S.D.), we see no positive catalysts; thus, our Hold rating is maintained.</li><li>The company showed a poor performance in 1H20, reporting a core loss of Bt3.1bn and a net loss of Bt802mn.</li></ul>

We expect the company's 2H2OE earnings to remain weak, with the cyclical coal prices and gas price as the primary risks, creating possible downside to our earnings estimate.Despite its deep valuation, currently trading at 0.5x 2020E PBV (-1.5 S.D.), we see no positive catalysts; thus, our Hold rating is maintained.The company showed a poor performance in 1H20, reporting a core loss of Bt3.1bn and a net loss of Bt802mn.

Challenging Earnings Amid Cyclical Prices

India

Honasa Consumer is a digital-first beauty and personal care company in India, operating a house-of-brands model that includes Mamaearth, The Derma Co., Aqualogica, and BBlunt. The company offers products across baby care, skincare, haircare, and color cosmetics, utilizing a digital-native approach to reach millennial consumers and expanding into omnichannel distribution. Honasa Consumer is headquartered in Gurugram, India, and was founded in 2016.

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Honasa Consumer (HONASA IN)

Concord Biotech Pre-IPO - Sales Have Been Growing but Watch Out for Its High Concentration Risk

Concord Biotech Ltd (658823Z IN) is looking to raise around US$250m in its upcoming India IPO. Concord is an India-based biopharma firm, which...

Clarence Chu

Avalon Technologies Pre-IPO - Sales Concentrated on a Handful. Market Tailwind Could Be Overstated

Avalon Technologies (6594468Z IN) is looking to raise about US$130m in its upcoming India IPO. The IPO is expected to consist of both a fresh issue...

Clarence Chu

Honasa Consumer Pre-IPO Tearsheet

Honasa Consumer (1652951D IN) is looking to raise about US$350m in its upcoming India IPO. The deal will be run by Kotak, Citibank, JM Financial...

Ethan Aw

Mamaearth Tearsheet - Going Beyond D2C

India Unicorn Series: We profile India's premier D2C brand "Mamaearth". Growth and financials have been great so far, its execution in traditional...

Pranav Bhavsar

Challenging Earnings Amid Cyclical Prices

We expect the company's 2H2OE earnings to remain weak, with the cyclical coal prices and gas price as the primary risks, creating possible...

Krungthai XSpring

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